The sixth ordinary general meeting of the proprietors of this company was held at the chief offices, 10 Hankow Road on Thursday afternoon. Mr. D. Brand presided and there were also present Messrs. H. R. Hearn, C. Holliday, E. H. Lavers, W. D. Little, A. McLeod, J. Welch (directors), W. H. Anderson, H. Adams, L. K. Davis, Davis, R. H. R. Burder, J. M. Young, Nils Moller, N. E. Moller, H. A. J. Macray, 'W. Lamond, and A. Ross (secretary). The report and accounts have already been published in these columns.
The secretary having read the notice convening the meeting, The Chairman said—The report and aceou.sts have now been in your hands for some days, and I presume we may take them as read. Beginning with the year 1896, the account I'am sorry to say did not close very satisfactorily resulting in aloss on our estimate of Tls. 2: This amount has been transferred to liability account leaving a balance to credit of Tis 7,120 which with salvages to be received it is hoped will be sufficient to pay all expenses against the account. Coming to 1897 the directors regret that they do not show a more brilliant account than they do. But they are still very hopeful, taking into consideration what a year 1897 has been for underwriting—hopeful, Tsay, you will not look upon it '8s otherwise than a satisfactory account. Indeed it was full of promise up to the 31st December, but with the advent of the new year a change came event and loss followed upon loss with startling rapidity. It is hardly necessary for me to recapitulate the particular names of the ships and vessels, etc., upon which we have lost, but I perhaps might mention three instances, viz the Cromarty, the New Zealand steamer Mataura, and the Kobe fire. We took these on the modified lines accepted nowadays, and not our lines current ten or fifteen years ago. The Kobe fire' was something unique in its way. Here we had the honour of insuring cargo half-way round the world and seeing it hume before our eyes at its destination. This loss at first seemed very serious, but gradually it got down to exceedingly moderate figures until when I tell you it will not now exceed $10,000 or say £1,000, you will be of opinion that the company has got off fairly satisfactorily. Analysing the accounts somewhat in- detail. we find that the account for 1897 is a smaller account than the previous year, smaller by premiums by Tls. 169,038.08, but Iam glad to say that the losses are_on a proportionately reduced scale. Up tothe Slst December we had paid in losses and claims Tie. 334,000 as against Tls. 504,000 the year Berrien, and we have carried forward 411,000 as against Tls. 376,000 in the jous year. Therefore with a much smaller account we have carried forward a much larger balance. Since these figures were published we have further paid claims amounting to T's, 96,905, and it is prosed to retain Ts. 162,296, to provide for outstanding losses and unexpired ris This leaves a balance of Tls. 152,000, which the directors recommend be appro-printed in the shape of a dividend of ten per cent on the paid-up capital and a janus of ten per cent upon contributory premiums, As you are aware interest on capital is a first' charge on the company's profite and another matter entitled to our fullest consideration is the question of con-tributary premiums. We hope another year we shall be able to return something more substantial in the way of a bonus, and although there has been for some time an outery that the rates are too low, yet except in Australia there has been no tangible improvement so far. Coming to the details of working I don't think they' require very -much comment. The items bear a very strong resemblance tothe year previous. "General Charges are some five thousand odd taels lower than last year and this is simply explained in regard to the staff—this year there have been fewer at home than last year. When the staff is at home the remuneration "comes under itis charged to the particular office in-which the head of general charges but when abroad they are located. London charges show a considerable reduction being Tls. 65,000. odd as against Tls. 72,000 ast year. "Under. this heading I may safely promise a still greater reduction next year. \On'the other side exchange account shows a credit of Tis 29,674 which is practically the diffe-, rence between the making up -of the accounts to the 31st December 1896 and to the Bist December 1897, the former being made up 2s, 114. and the latter at 2s. 8d. I don't think, gentlemen, I have any more to say. The figures speak for themselves, but if Ihave omitted anything, I shall be only too happy to put it right-on being questioned by the shareholders.
No questions being asked, The Chairman proposed That the report and accounts as presented Passed.
Mr. E. H. Lavers seconded and the proposition was unanimously agreed to.
The Chairman next proposed That a dividend of ten per cent on the paid-up capital plus a bonus of ten per cent. on contributory premiums be declared and paid.
Br. A. McLeod seconded and the motion was carried unanimously.
Mr, J. Mf. Young proposed That Messrs. -D. Brand, H. R. Hearn, Cecil Holliday, E. H. Lavers, W. D. Little, A. McLeod, and J. Welch, be re-elected directors at a remuneration of Tls. 4,500 per annum.
Mr. E. Davis seconded and this was adopted.
Mr. Nils Moller moved and GW. Wrightson as auditors for the The re-appointment of Messrs. Ang. White Mr. R. H.R. Burder seconded and the resolution was passed, Mr. J. BE. Young' proposed a vote of thanks to the chairman which having been carried with acclamation brought the proceedings to a termination.
Text read from the printed page and cleaned; old type leaves the occasional error.